- Grayscale received regulatory clearance on November 21 for its spot Dogecoin and XRP ETFs.
- The XRP price rides a steady correction trend, resonating within two parallel trends of a falling channel pattern.
- The Dogecoin price broke down below a multi-month support trendline, accelerating the selling pressure for a a prolonged downtrend.
On Friday, November 21, the crypto market witnessed another rebound of sell-off, which pushed the Bitcoin price to a seven-month low of $80,537. As the bearish momentum spread across the altcoin market, the XRP price fell 2.45%, while the Dogecoin price plummeted 5.8%. Despite the intraday loss, these coins are under close watch of investors as asset management company Grayscale is poised to launch two spot exchange-traded funds (ETFs).
Grayscale Wins Approval to Launch Spot DOGE and XRP ETFs
Grayscale Investments cleared the final regulatory step on November 21 for its spot Dogecoin and XRP exchange-traded funds, allowing both to list on NYSE Arca and begin trading on November 24. The GDOG fund does contain actual Dogecoin and keeps up with the Dogecoin price on a one-to-one basis, and GXRP does the same for XRP, as a way of turning two long-running private trusts into publicly tradable holdings open to any brokerage account.
Both charge 0.35% a year and use Coinbase as custodian, while cash-only creation and redemption are handled by authorized participants.
The launches represent the first time Dogecoin, which remains the largest memecoin by trading volume, will have a regulated US-listed wrapper. XRP joins a growing field that already includes Bitwise and Canary Capital products, the latter pulling in $58 million on day one and now managing close to $280 million. Franklin Templeton’s own XRP vehicle could also be trading the same day following its recent registration statement going into effect.
Grayscale has also made updated filings for a Chainlink fund under the ticker GLNK. Market sources expect its listing on the NYSE Arca index to occur about a week after, following the standard review period.
XRP Price Holds Key Support of Falling Channel Pattern
With today’s price decline, the XRP price plunged to an intraday low of $1.82 before reverting back to the current trading price of $1.95. This reversal created a long-tail rejection candle in the daily chart, indicating an intact demand pressure at the bottom trendline of a falling channel pattern.
Since mid-July 2025, the XRP price has been actively resonating between the two parallel trendlines of the pattern, offering traders dynamic support and resistance. The recent history of the pattern shows that such similarities had bolstered buyers to recuperate the exhausted bullish momentum for a stronger upswing.
If the buyers continue to defend this support, the XRP price could rebound 28% before hitting the next significant resistance at $2.5.
Dogecoin Price Seeks Support at the $0.3 Floor
In the past two weeks, the Dogecoin price has recorded a significant sell-off from $0.86 to the current trading price of $0.183, accounting for a 25% loss.
This downstream gave a decisive breakdown from a long-coming support trendline, which acted as a defense line for DOGE’s long-term uptrend.
Currently, the Dogecoin price seeks support at a $1.3 level. If the horizontal support remains intact, the price could rebound roughly 20% to test the breach ascending trendline as potential resistance. An upside breakout from the flip resistance could allow buyers to reassert their grip over this asset and drive a sustainable recovery.
On the contrary, if the sellers were to defend this ascending trendline, the Dogecoin price could extend its correction below the $0.13 mark.
Also Read: Spot Bitcoin ETF Buyers Face First Major Market Stress Event
